8 Aug 2013
Precious metals surge to intraday highs, gold above 1300.00
FXstreet.com (New York) - Precious metals jumped higher Thursday, breaking above key upside resistances and opening up fresh gains across US trading.
Gold cancels bearishness
Gold prices surged above the minor descending resistance for the latest bearish wave, in addition to 1300.00-1308.00 resistance area, and managed to avert a bearish bias. With this level now overtaken, the outlook shifts to neutral. At the time of writing, gold prices are trading at USD $1308.76 per oz. Thursday.
Silver surges to fresh highs
Following the earlier jump in silver spot prices managed to summit the 20.00 level, and with it invalidate a previous bearish scenario that had remained favored below this level. The price of silver has now moved to USD $20.16 per oz. during US trading.
WTI bearish scenario valid
WTI crude oil remains under pressure, attempting to break yesterdays low near 104.00, a break below 104.00 clears the way towards 102.50 next support area. Accordingly, the bearish scenario remains favored – in these moments, WTI crude oil is negotiating a price of USD $102.84/bbl Thursday.
Gold cancels bearishness
Gold prices surged above the minor descending resistance for the latest bearish wave, in addition to 1300.00-1308.00 resistance area, and managed to avert a bearish bias. With this level now overtaken, the outlook shifts to neutral. At the time of writing, gold prices are trading at USD $1308.76 per oz. Thursday.
Silver surges to fresh highs
Following the earlier jump in silver spot prices managed to summit the 20.00 level, and with it invalidate a previous bearish scenario that had remained favored below this level. The price of silver has now moved to USD $20.16 per oz. during US trading.
WTI bearish scenario valid
WTI crude oil remains under pressure, attempting to break yesterdays low near 104.00, a break below 104.00 clears the way towards 102.50 next support area. Accordingly, the bearish scenario remains favored – in these moments, WTI crude oil is negotiating a price of USD $102.84/bbl Thursday.